REG-ECR Minerals plc Sale of Bendigo Property Raises A$950,000
29/07/2022 08:30
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Sale of Bendigo Property Raises A$950,000
ECR MINERALS plc
(“ECR Minerals”, “ECR” or the “Company”)
Sale of Bendigo Property Raises A$950,000
ECR Minerals plc (LON: ECR), the gold exploration and development company
focused on Australia, is pleased to announce that its 100% owned Australian
subsidiary Mercator Gold Holdings Pty Ltd (“MGA”) has executed a sale and
purchase agreement for the sale of the Company’s ‘Bendigo’ property
located at 177 Bassett Road, Sebastian.
Highlights:
* The Bassett Road property was purchased on September 27(th) 2021 for A$887,500
* The agreed sale price of A$950,000 will mark the first disposal from selected
non-core assets as outlined in the announcement of July 6(th) 2022
* Completion and settlement is expected to occur around 30 days from today’s
date.
CEO Andrew Haythorpe commented: “I am pleased to announce that we have
actioned the first in a series of planned disposals of non-core assets as
outlined in our recent strategic update. The agreed Bassett Road property sale
price is at a slight premium to the purchase price in 2021 and the funds will
add a significant cash sum to our existing resources.”
“Our actions here will ensure that ECR can maintain all scheduled
exploration and drilling activities for the foreseeable future. I look forward
to providing further updates in due course.”
Sale of 177 Bassett Road, Sebastian
On 6 July 2022, the Company outlined plans for the potential disposal of a
series of non-core assets. A reasonably buoyant Victoria property market
provided MGA with an opportunity to dispose of the ‘Bendigo’ property at
177 Bassett Road, Sebastian. The sale price of A$950,000 is at a slight
premium to the purchase price in 2021. A ‘Contract of Sale’ for the
Bassett Road property was executed today, with settlement and completion
anticipated to occur around 30 days from today’s date. A deposit of A$95,000
is now due with the balance due on completion. In addition, MGA have retained
the right to remain at the property until 1 January 2023 for a nominal sum.
As previously announced, further asset disposals are planned, and we will
update the markets in due course as appropriate.
FOR FURTHER INFORMATION, PLEASE CONTACT:
ECR Minerals plc Tel: +44 (0) 20 7929 1010
David Tang, Non-Executive Chairman
Andrew Haythorpe, CEO
Email: info@ecrminerals.com (mailto:info@ecrminerals.com)
Website: www.ecrminerals.com
(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.ecrminerals.com%2F&esheet=52795509&newsitemid=20220729005157&lan=en-US&anchor=www.ecrminerals.com&index=1&md5=5bd4382d6bcd26841fbf0ded4bbaadd6)
WH Ireland Ltd Tel: +44 (0) 207 220 1666
Nominated Adviser
Katy Mitchell / Andrew de Andrade
SI Capital Ltd Tel: +44 (0) 1483 413500
Broker
Nick Emerson
Novum Securities Limited Tel: +44 (0) 20 7399 9425
Broker
Jon Belliss
BlytheRay Tel: +44 (0) 207 138 3204
Public Relations
Tim Blythe
ABOUT ECR MINERALS PLC
ECR Minerals is a mineral exploration and development company. ECR’s wholly
owned Australian subsidiary Mercator Gold Australia Pty Ltd (“MGA”) has
100% ownership of the Bailieston and Creswick gold projects in central
Victoria, Australia, has eight licence applications outstanding including two
licence applications lodged in eastern Victoria. (Tambo gold project). MGA is
currently drilling at both the Bailieston (EL5433) and Creswick (EL6148)
projects and has an experienced exploration team with significant local
knowledge in the Victoria Goldfields and wider region.
https://mercatorgold.com.au/
(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fmercatorgold.com.au%2F&esheet=52795509&newsitemid=20220729005157&lan=en-US&anchor=https%3A%2F%2Fmercatorgold.com.au%2F&index=2&md5=a912c092c24ca552ed068c8c1c4e8d7d)
ECR also owns 100% of an Australian subsidiary LUX Exploration Pty Ltd
(“LUX”) which has three licence applications covering 900 km2 covering a
relatively unexplored area in Queensland, Australia.
https://luxexploration.com/
(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fluxexploration.com%2F&esheet=52795509&newsitemid=20220729005157&lan=en-US&anchor=https%3A%2F%2Fluxexploration.com%2F&index=3&md5=ce68984c65763e9a05b0a3a2319e3c8c)
Following the sale of the Avoca, Moormbool and Timor gold projects in
Victoria, Australia to Fosterville South Exploration Ltd (TSX-V: FSX) and the
subsequent spin-out of the Avoca and Timor projects to Leviathan Gold Ltd
(TSX-V: LVX), Mercator Gold Australia Pty Limited has the right to receive up
to A$2 million in payments subject to future resource estimation or production
from projects sold to Fosterville South Exploration Limited.
ECR holds a 70% interest in the Danglay gold project; an advanced exploration
project located in a prolific gold and copper mining district in the north of
the Philippines, which has a 43-101 compliant resource. ECR also holds a
royalty on the SLM gold project in La Rioja Province, Argentina and can
potentially receive up to US$2.7 million in aggregate across all licences.
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